Cairo (Reuters) – Saudi Crown Prince Mohammed bin Salman gave details of a new investment strategy on Monday that aims to raise net foreign direct investment to 388 billon riyals ($103.45 billion) annually, the state news agency (SPA) reported.
The new strategy also aims to increase local investments to 1.7 trillion riyals annually by 2030, SPA said.
The crown prince said in March the kingdom was planning 12 trillion riyals worth of investments by 2030 as part of a 27-trillion-riyal spending push to diversify the economy of the world’s biggest oil exporter.
That figure included 5 trillion riyals by the local private sector, 3 trillion riyals from Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, and 4 trillion riyals under a new Saudi investment strategy, of which some 2 trillion would be foreign investment.
“The National Investment Strategy is all about empowering investors, offering investment opportunities, providing financing solutions and enhancing competitiveness”, SPA said on Monday.
Saudi Arabia’s push on domestic investment comes as foreign direct investment into the country lagged over the past few years.
Net foreign direct investment in Saudi Arabia totalled $5.5 billion last year at the height of the pandemic.